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On June 1, 2019, Madagascar Corporation discounted its own P3,000,000 non-interest bearing note with Nemo Universal Bank at 10%.The note is due on May 31,

On June 1, 2019, Madagascar Corporation discounted its own P3,000,000 non-interest bearing note with Nemo Universal Bank at 10%.The note is due on May 31, 2020.Requirement:

a.Give the journal entries on June 1, 2019, December 31, 2019 and May 31, 2020.

b.Determine the carrying value of the liability as of December 31, 2019.

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